Bilateral optimal denomination problem

Research Article
Open access

Bilateral optimal denomination problem

Xiangmiao Yin 1*
  • 1 University College London    
  • *corresponding author xiangmiao.yin.21@ucl.ac.uk
TNS Vol.5
ISSN (Print): 2753-8826
ISSN (Online): 2753-8818
ISBN (Print): 978-1-915371-53-9
ISBN (Online): 978-1-915371-54-6

Abstract

A common problem about currency denomination is the change-making problem. In this paper, a generalized denomination-related problem inspired by the optimal denomination problem is discussed, namely the bilateral optimal denomination problem. The solution maximizes a certain monetary value and thus can be applied in pricing strategies. Two key issues need to be addressed. One is how to properly formulate the problem in mathematical language. The other is how to compute the corresponding result with an algorithm. The paper learns from existing denomination algorithms and provides a solution to the problem from construction to implementation. Some limitations are needed to improve the practicality of the solution. An example of threshold discounts is used to illustrate the real-life application of the proposed problem.

Keywords:

change-making problem, optimal denomination problem, canonical Denominations, pricing strategy

Yin,X. (2023). Bilateral optimal denomination problem. Theoretical and Natural Science,5,899-904.
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References

[1]. Asadi, A. R., & Hemadi, R. (2018, November). Understanding Virtual Currencies in Video Games: A Review. In 2018 2nd National and 1st International Digital Games Research Conference: Trends, Technologies, and Applications (DGRC) (pp. 109-117). IEEE.

[2]. Boden, J., Maier, E., & Wilken, R. (2020). The effect of credit card versus mobile payment on convenience and consumers’ willingness to pay. Journal of Retailing and Consumer Services, 52, 101910.

[3]. Shallit, J. (2003). What this country needs is an 18c piece. Mathematical Intelligencer, 25(2), 20-23.

[4]. Lueker, G. S. (1975). Two NP-complete problems in nonnegative integer programming. Princeton University. Department of Electrical Engineering, Princeton University.

[5]. Keller J B. (1976). Inverse problems. Amer Math Monthly, 83: 107–118.

[6]. Cormen, T., Leiserson, C., Rivest, R., & Stein, C. (2009). Introduction to Algorithms. MIT Press. Problem 16-1, p. 446.

[7]. Goodrich, M. T., & Tamassia, R. (2015). Algorithm design and applications (Vol. 363). Hoboken: Wiley.

[8]. Chan, T. M., & He, Q. (2020). On the change-making problem. In Symposium on Simplicity in Algorithms (pp. 38-42). Society for Industrial and Applied Mathematics.

[9]. Wright, J. W. (1975). The change-making problem. Journal of the ACM (JACM), 22(1), 125-128.

[10]. Adamaszek, A., & Adamaszek, M. (2010). Combinatorics of the change-making problem. European Journal of Combinatorics, 31(1), 47-63.

[11]. Owlree — The Change-Making Problem. (n.d.). owlree.blog. https://owlree.blog/posts/change-making-problem.html.

[12]. Pearson, D. (2005). A polynomial-time algorithm for the change-making problem. Operations Research Letters, 33(3), 231-234.

[13]. Cai, X. (2009, August). Canonical coin systems for change-making problems. In 2009 Ninth International Conference on Hybrid Intelligent Systems (Vol. 1, pp. 499-504). IEEE.


Cite this article

Yin,X. (2023). Bilateral optimal denomination problem. Theoretical and Natural Science,5,899-904.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 2nd International Conference on Computing Innovation and Applied Physics (CONF-CIAP 2023)

ISBN:978-1-915371-53-9(Print) / 978-1-915371-54-6(Online)
Editor:Marwan Omar, Roman Bauer
Conference website: https://www.confciap.org/
Conference date: 25 March 2023
Series: Theoretical and Natural Science
Volume number: Vol.5
ISSN:2753-8818(Print) / 2753-8826(Online)

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References

[1]. Asadi, A. R., & Hemadi, R. (2018, November). Understanding Virtual Currencies in Video Games: A Review. In 2018 2nd National and 1st International Digital Games Research Conference: Trends, Technologies, and Applications (DGRC) (pp. 109-117). IEEE.

[2]. Boden, J., Maier, E., & Wilken, R. (2020). The effect of credit card versus mobile payment on convenience and consumers’ willingness to pay. Journal of Retailing and Consumer Services, 52, 101910.

[3]. Shallit, J. (2003). What this country needs is an 18c piece. Mathematical Intelligencer, 25(2), 20-23.

[4]. Lueker, G. S. (1975). Two NP-complete problems in nonnegative integer programming. Princeton University. Department of Electrical Engineering, Princeton University.

[5]. Keller J B. (1976). Inverse problems. Amer Math Monthly, 83: 107–118.

[6]. Cormen, T., Leiserson, C., Rivest, R., & Stein, C. (2009). Introduction to Algorithms. MIT Press. Problem 16-1, p. 446.

[7]. Goodrich, M. T., & Tamassia, R. (2015). Algorithm design and applications (Vol. 363). Hoboken: Wiley.

[8]. Chan, T. M., & He, Q. (2020). On the change-making problem. In Symposium on Simplicity in Algorithms (pp. 38-42). Society for Industrial and Applied Mathematics.

[9]. Wright, J. W. (1975). The change-making problem. Journal of the ACM (JACM), 22(1), 125-128.

[10]. Adamaszek, A., & Adamaszek, M. (2010). Combinatorics of the change-making problem. European Journal of Combinatorics, 31(1), 47-63.

[11]. Owlree — The Change-Making Problem. (n.d.). owlree.blog. https://owlree.blog/posts/change-making-problem.html.

[12]. Pearson, D. (2005). A polynomial-time algorithm for the change-making problem. Operations Research Letters, 33(3), 231-234.

[13]. Cai, X. (2009, August). Canonical coin systems for change-making problems. In 2009 Ninth International Conference on Hybrid Intelligent Systems (Vol. 1, pp. 499-504). IEEE.